WASHINGTON – Energy prices continued to rocket higher in February, although overall wholesale prices moderated after a record jump in January.
The Labor Department’s producer price index, which measures inflation before it reaches consumers, increased by 0.5% last month following a record jump of 1.3% the month before.
Price increases slowed despite a 6% surge in energy last month, which followed a 5.1% jump in January, the Labor Department said Friday.
Over the past year, wholesale prices are up 2.8%, the largest 12-month gain at the wholesale level in more than two years. Core inflation, which excludes volatile food and energy, rose 2.5% over the past 12 months.
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